Paypal safe from garnishment? - Credit Repair Forum from Creditnet
Page 1 of 2 1 2 LastLast
Results 1 to 10 of 16
  1. #1
    tathepilot is offline Junior Member
    Join Date
    Oct 2003
    Location
    Florida
    Posts
    33

    Paypal safe from garnishment?

    If I have money in a paypal account would that be safe from garnishment? I live in ny

  2.  
  3. #2
    Flyingifr is offline Senior Member
    Join Date
    Nov 2002
    Posts
    1,570

    Re: Paypal safe from garnishment?

    Originally posted by tathepilot
    If I have money in a paypal account would that be safe from garnishment? I live in ny
    A creditor can sieze any bank account titled in your name if they can find it.

    IF THEY CAN FIND IT is the operative word here. Paypal accounts, not being ina brick-and-mortar bank, are much harder to find.

  4. #3
    DHK
    DHK is offline Senior Member
    Join Date
    Aug 2002
    Posts
    358

    Paypal safe from garnishment?

    I'm not an expert, but my paypal debit card says "Bank One". So legal papers "could" be served to Bank One in IN or IL (where ever they are).

  5. #4
    tathepilot is offline Junior Member
    Join Date
    Oct 2003
    Location
    Florida
    Posts
    33

    Paypal safe from garnishment?

    ok thanks for the help. working on getting my credit score back. In the mean time trying to find the safest place to put my money.

    Any help will be appreciated.

    thanks

  6. #5
    DanS is offline Senior Member
    Join Date
    May 2003
    Posts
    752

    Paypal safe from garnishment?

    Safest place - in a money belt.

    If you're living defensively, there's no halfway. I battled w/the IRS for years, got my accounts slammed all the time. Kept small balances, used traveler's checks a lot.
    Ch7 BK filed Aug '01 - got $300k+ mtg 5.5% fixed w/5% down and car loan since - no luck, just built up CL w/crap cards and paid them off.
    May'03 ->Apr'04 [fako]-FICO
    EX 580->[695] 712
    TU 590->[680] 697
    EQ 585->[651] 679(BK off, gained 3 lousy points!)
    balance was 18.5k, now $2k! utilization was 95%, now 10%

  7. #6
    Buck is offline Senior Member
    Join Date
    Aug 2003
    Posts
    107

    Paypal safe from garnishment?

    Because of a dispute I had with a bank a number of years ago, I was unable to open another checking account. I lived a cash existance for about 5 years. Paid all my bills with money orders. Paid for everything else in cash. I mainained a savings account just so I could cash my pay checks, and kept only the minimum amount required in it. I stored my savings in a 401(k) (can't be garnished). If you don't want to tie up your money in a 401(k) (there are penalties for early withdrawal), use a safe deposit box at a bank, or consider buying a safe for your home (you can even buy one reasonably at Walmart). You could also buy savings bonds. Those also can't be seized or garnished by anybody. You can cash them in after six months.

    The downside of this is I didn't build any positive tradelines for my credit report. After 5 years, I was able to open my own checking account once again, and I also have a savings account at a credit union. My credit union offers a secured Visa card. The credit limit is determined by the amount in your savings accounts. I believe the interest rate is somewhere around 9 percent. I don't have it yet, but I plan on getting it!

    Good Luck.

  8. #7
    DHK
    DHK is offline Senior Member
    Join Date
    Aug 2002
    Posts
    358

    Paypal safe from garnishment?

    I'm almost positive that you'd have to have a checking or savings account with whatever bank you want to have a safe deposit box. I know that's true with Wells Fargo. (We use your account to charge the annual fee for the box.)

  9. #8
    Flyingifr is offline Senior Member
    Join Date
    Nov 2002
    Posts
    1,570

    Re: Paypal safe from garnishment?

    Originally posted by davidkinde
    I'm not an expert, but my paypal debit card says "Bank One". So legal papers "could" be served to Bank One in IN or IL (where ever they are).
    I don't believe serving bank One would be productive, since I signed no papers with Bank One. I signed the papers with paypal and nowhere was bank one mentioned. Therefore, I believe the master account is Paypal with bank One, and teh sub accounts are with Paypal and its customers, who are unknown to Bank one.

  10. #9
    GEORGE is offline Senior Member
    Join Date
    Mar 2000
    Posts
    20,468

    Re: Re: Paypal safe from garnishment?

    Originally posted by Flyingifr
    I don't believe serving bank One would be productive, since I signed no papers with Bank One. I signed the papers with paypal and nowhere was bank one mentioned. Therefore, I believe the master account is Paypal with bank One, and teh sub accounts are with Paypal and its customers, who are unknown to Bank one.
    Sounds like BANK ONE is just the MIDDLE MAN...

  11. #10
    DanS is offline Senior Member
    Join Date
    May 2003
    Posts
    752

    Re: Re: Paypal safe from garnishment?

    If you're worried about having your account(s) levied, you can't do this halfway.

    Well, you can, if you can kiss the money you've got in those accounts goodbye and not need it.

    You can have a savings and/or checking account w/very low balances for the purpose of cashing checks.

    Safe deposit boxes are tricky. You'll need a relationship w/the bank. That means your account can be found.

    Savings bonds are great but not liquid for six months. Travelers checks are easily cashed AND replacable if lost/stolen.

    I lived this way for more years than I'd like to admit. It's not easy, convenient or fun. Eventually I hired someone to help me w/the IRS and my life has been a LOT less stressful since. In my case, a Ch7 BK was the solution.

    It's not a great place to be. The IRS is like a Super Powered Collection Agency that enjoys making your life miserable (levying an account on Friday of a holiday weekend so you're SOL for days and then weeks - nice guys, really:) but I would imagine that many of their tricks can be pulled by crafty lawyers.
    Ch7 BK filed Aug '01 - got $300k+ mtg 5.5% fixed w/5% down and car loan since - no luck, just built up CL w/crap cards and paid them off.
    May'03 ->Apr'04 [fako]-FICO
    EX 580->[695] 712
    TU 590->[680] 697
    EQ 585->[651] 679(BK off, gained 3 lousy points!)
    balance was 18.5k, now $2k! utilization was 95%, now 10%

Page 1 of 2 1 2 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Sign up for the Creditnet email newsletter.

Creditnet - Find the right credit card for you Best Airline Cards Best Gas and Groceries Cards Balance Transfer CreditNet Best Credit Cards for Building Credit

Find a
Credit Card

Research, compare, & apply

Bad Credit

0% Interest

Cash Back

No Annual Fee

search

Perusahaan Outsourcing Bekasi

Outsourcing Tenaga Kerja